Sino Gas & Energy Holdings Limited (ASX:SEH) has celebrated first gas sales on its Linxing Production Sharing Contract in China.
The energy company’s partner inked the compressed natural gas sales deal in October with a Chinese owned industrial gas purchaser and first gas was successfully transported on December 21, 2013.
Managing Director Robert Bearden says the start of sales marks a significant milestone in the development of the Linxing Production Sharing Contract.
Mr Bearden says the milestone also accelerates the monetisation of the company’s assets in the Ordos Basin, which is the second largest onshore oil and gas producing basin in China.
Sino Gas & Energy has operated in Beijing since 2005 and holds a portfolio of unconventional gas assets in China through production sharing contracts.
Sino Gas & Energy Holdings reported a net loss of $556,000 in the first half of the 2013 calendar year.
